Tax

Category: O

  • Occupational Tax

    Occupational Tax means:a state or local tax applied to any of various trades or businesses (e.g., taxicab permits and liquor store licenses) or a fee paid to practice a profession (e.g., accounting, law, medicine). For example, Former IRC (check <a href="http://lawi.us/internal-revenue-code-prov…

  • Owner-employee

    Owner-employee means:a sole proprietor or partner who owns more than 10% of either the capital interest or the profits interest of the partnership. With an owner-employee, a Keogh retirement plan is subject to more stringent rules. Former IRC (check <a href="http://lawi.us/internal-revenue-code-…

  • Ordinary and Necessary Business Expenses

    Ordinary and Necessary Business Expenses means:a tax provision that allows a current deduction for business expenses; contrast with the entry ed with capital expenditure and unreasonable expense. An ordinary and necessary business expense of a sole proprietor would appear on Schedule C of Former…

  • Operating Expense

    Operating Expense means:an amount paid to maintain property (e.g., property taxes, utilities, and hazard insurance). Operating expense excludes financing expenses, depreciation, and income taxes. See the entries Income Tax and <a href="http://lawi.us/stat…

  • Overriding Royalty

    Overriding Royalty means:an interest carved out of a lessee's working interest, entitling the holder to receive a fraction (e.g., one-sixteenth) of production or the proceeds therefrom free of any production or operating costs, but not hauling charges or state severance taxes. For federal income…

  • Overseas Housing Expense

    Overseas Housing Expense means:an expense that is excludable in an amount equal to the excess of the reasonable cost of providing housing for a U.S. taxpayer and family living overseas over an amount equal to 16% of the salary of a federal employee at grade level GS-14, step 1, multiplied by the…

  • Office Audit

    Office Audit means:an examination at an U.S. Internal Revenue Service (IRS) office, generally of an uncomplicated tax matter….

  • Oconus

    Oconus means:outside the coterminous United States. Federal per diem rates for lodging, meals, and incidental expenses for travel. OCONUS are published under the Federal Travel Regulations and updated periodically. See also other Tax Terms and Definitions in U.S.A. CONUS….

  • Oil Import Fees

    Oil Import Fees means:import fees on crude oil and petroleum products, intended to limit petroleum imports of these products….

  • Outside Earnings

    Outside Earnings means:any non-Social Security income that a Social Security recipient earns. Social Security places restrictions on the amount of outside earnings for recipients of Social Security benefits who are under 70 years of age. Beyond these restrictions, benefits are cut back and somet…